What news has been happening in the crypto market this week?
Evergreen buck keeps to 5-month maximum
On Thursday, the evergreen buck kept to the maximum of five months versus the group of other leading currencies due to the surge of the revenue of American government bonds. The common currency traded below the 1.18 level amid worries about the political situation in Italy.
The US dollar index, displaying the purchasing power of the greenback against six leading currencies, came up with 93.28, staying close to the maximum of five months - 93.52 that was recorded on Wednesday. Since the beginning of this week, the US dollar index has edged down by approximately 0.93%.
The recent appreciation of the US currency can be explained by a jump in the yield of US bonds to a multi-year maximum.
During night trading, the revenue of 10-year US government bonds tacked on to 3,117%, which is the highest outcome since 2011. The profitability of bonds appears to be inversely proportional to their value.
Surge in the yield of American Treasury bonds has been observed since the Federal Reserve announced in May that inflation is approaching the objective of 2%.
The US key financial institution lifted the interest rate in March and gave a forecast for two more hikes this year. However, many investors are assured that there will be three such lifts.
The common currency remained under pressure: by the time of writing. As a matter of fact, the currency pair EUR/USD showed 1.1793 after Wednesday's dive to 1.1762, which is the lowest value since December 19.
Demand for the European currency dived due to worries about the formation of a government coalition in Italy. Market participants are afraid that changes in the country can provoke its exit from the euro area.
The greenback soared against the Japanese yen. The currency pair USD/JPY leapt by 0.18%, hitting 110.59, which is the highest value since January 23.
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.